Compound Curiosity and Answer Essay

Name________________________________ UDC – Quantitative Reasoning My spouse and i EXAMINATION a few – Personal Finance – Exponential Features Fall - 2012 Recommendations: This exam is worth 90 points. Examine each issue carefully. Answer each issue clearly and concisely. Please, show Your entire Work. Remember, I do certainly not believe in magic!!!

A) B) Answer C) D)

1 ) What is the easy interest for any principal of $620 used at a rate of 7% for 3 years? $173. 60 $130. 20 $172. 60 $129. 20

A) B) C) Answer D) E)

installment payments on your If you get $1100 to get 5 years at 14% annual basic interest, just how much must you pay off at the end with the 5 years? $770. 00 $2215. 13 $2117. 96 $77, 000 $1870. 00

A)Answer B) C) D)

3. Just how much interest can be earned in 5 years on $2, 900 deposited in an accounts paying 7. 1% curiosity, compounded quarterly? $1, 223. 07 $1, 186. forty-four $266. sixty-eight $1, 029. 50

A)Answer B) C) D) E)

4. Assume Emily Yu deposited $1300 in an consideration that received simple curiosity at an total annual rate of 8% and left it there pertaining to 4 years. At the end in the 4 years, Emily transferred the entire volume from that account into a new account that earned 8% compounded quarterly. She left the money in this account for four years. How much did your woman have following the 8 years? $2355. seventy $2427. 96 $3233. 87 $2457. 65 $4850. seventy eight

A) B) C) Answer D)

your five. If $1, 390 bought an account which earns 9% interest compounded annually, that is the balance in the account by the end of a decade? $11, 106, 193 $3141 $4645 $21, 211

A) B) C) Answer D)

6. Susan bought a 6-month $1100 license of deposit. At the end of 6 months, the lady received 99 dollars simple curiosity. Find the annual charge of simple interest paid. 18% 16% 15. 0% 9%

A) B) Response C)

six. What lump sum should be lodged in an bank account that will make at an annual rate of 8%, exponentially boosted quarterly, to grow to $140, 500 for retirement in 15 years? $137, 052. 73 $42, 335. 45 $24, 137. 93

D) E)

$63, 636. 36 $42, 669. 52

A) B) C) D) Answer E)

8. How much money should be...

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